British house prices have jumped 6.8% in the past year compared with just 2.1% in the previous 12 months, according to the Office of National Statistics.
For many landlords and investors, that is a decent hike in capital appreciation – but how does the British housing market compare with the rest of the world?
A new report published by the Global Property Guide looks at 42 major housing markets that have published statistics for 2013 and ranks them by how much prices have increased.
To put the figures into perspective, Britain sits 15th based on a 4.88% price rise posted by the Nationwide Building Society. However if the Office of National Statistics figure of 6.88% was used instead, Britain would rank 10th.
Top of the table is Dubai, where house prices rocket by 21.52%, after increasing 21.64% in 2012, and 6.3% in 2011.
The other double digit top movers are:
- Tallinn, Estonia – up year-on-year 16.55% in 2013 from 1.59% year-on-year in 2012
- Taiwan – up year-on-year 14.46% in 2013 from 7.72% year-on-year in 2012
- Makati, The Philippines – up year-on-year 10.56% in 2013 from 4.85% year-on-year in 2012
- Shanghai, China – up year-on-year 10.13% in 2013 from -1.85% year-on-year in 2012
Romania was the world’s worst housing market during the year, with prices dropping by 10.43%, following more drops of 5.96% in 2012, 6.99% in 2011, 22.08% in 2010, and 24.22% in 2009.
Prices also dived from a 6.12% year-on-year increase in 2012 dropping to -9.1% year-on-year in 2013 in the Indian capital of New Delhi.
“Global house prices made good progress generally last year based on the performance of the US and Asia-Pacific regions mainly, “said a spokesman for the guide.
“Overall 15 countries posted price falls, although the rate they are dropping has decelerated in six.
“House prices in all 20 major US cities increased, with Las Vegas showing the biggest inflation-adjusted year-on-year increase of 23.7%.”